U.S. inflation eases in May, consumer spending shows moderate growth

Washington DC: U.S. prices remained steady in May, while consumer spending saw a moderate increase, a trend that might prompt the Federal Reserve to consider cutting interest rates this year, reported Reuters.

IBNS • 28 Jun 2024, 05:22 pm

U.S. inflation eases in May, consumer spending shows moderate growth

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According to the Commerce Department's Bureau of Economic Analysis, the personal consumption expenditures (PCE) price index showed no change last month after an unchanged 0.3% rise in April.

Over the 12 months leading up to May, the PCE price index rose by 2.6%, following a 2.7% increase in April.